NYC Declares Emergency; France Closes All Schools: Virus Update
(Bloomberg) — New York City declared a state of emergency.
France will close all schools starting next week, as President Emmanuel Macron called the coronavirus the epidemic of the century. Macron was slated to speak with President Donald Trump on Friday amid Europe’s anger about flight bans the U.S. has imposed.
New York will ban events over 500 people, in rules that will apply to Broadway theaters. The leading U.S. infectious-disease official said the testing system in the country is failing.
U.S. stocks tumbled, with benchmark gauges posting their worst drop since 1987.
Key Developments:
Confirmed cases at 128,393 globally; 4,742 deathsNCAA baskeball, baseball and NHL all suspend playItaly’s death surged despite a nationwide lockdownTrump flight clampdown is a hammer blow for airlinesU.S. has cases in 44 states
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The Fed announced a bold new initiative in an effort to calm market tumult amid the coronavirus meltdown.
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In all, the new moves pump in up to $1.5 trillion into the financial system in an effort to combat potential freezes brought on by the coronavirus.
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This was the second day in a row and the third time this week the Fed has stepped in.
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Stocks staged a sharp turnaround from earlier losses, though some of those gains were pared.
NEW YORK (AP) — Sweeping travel bans cascaded around the globe Thursday, walling off countries and even entire continents, keeping people inside their homes, and slowing the engines of commerce to stem the coronavirus pandemic. Markets collapsed worldwide with the growing realization that there would be no fast end to the uncertainty.
The escalating crisis sent U.S. stocks to their worst losses since the Black Monday crash of 1987, extending a sell-off that wiped out most of Wall Street’s big run-up since President Donald Trump’s inauguration.
PANIC AFTER TRAVEL BAN
ESCAPE FROM EUROPE
NORWAY SHUTS COUNTRY